Question- Recently, IFFCO and Indian Potash Ltd (IPL) jointly acquired what percentage of stake in Jordan’s largest mining company?
(a) 37 percent
(b) 42 percent
(c) 30 percent
(d) 35 percent
- In May 2018, 37% stake was bought in Jordan’s largest mining company by IFFCO and Indian Potash Limited (IPL) have acquired 37 per cent stake in Jordan’s largest mining and chemical firm JPMC.
- The acquisition of this stake was done for the amount of Rs. 900 crores.
- These shares were bought from Kamil Holdings, a unit of Brunei Investment Agency.
- Kamil Holdings is the largest shareholder in the Jordan Phosphate Mines Company (JPMC) and JPMC is Jordan’s largest mining company.
- This deal will ensure phosphatic storage protection of Indian farmers and will help in balanced use of fertilizers in the country.
- It is important that India is dependent on imports for phosphatic fertilizers.
- The country’s largest potash fertilizer importer, the IPL has acquired a 27 per cent stake in JPMC.
- Whereas, IFFCO has purchased ten percent stake in JPMC through its subsidiary Kisan International Trading (KIT).
- IFFCO has already a joint venture with ‘Jordan India Fertilizer Company’ (JIFCO).
- It has 52 per cent stake in it, while JPMC has 48 per cent equity in it.